Naspers Offers Tencent and Change

Owning Naspers is like being best friends with Tencent, but with benefits.

Johannesburg-listed Naspers has a market capitalization of $53.5 billion, with private-equity style investments across Internet and media spanning Africa, Asia, Latin America, Eastern Europe and the Middle East. Yet most of that value is locked up in one asset: a $50 billion stake in Hong Kong-listed Internet giant Tencent. Naspers is the Chinese company’s biggest shareholder.